I would give them every opportunity to collect them, but once proper notice has been provided and you need to move forward, I would clear it with an attorney in your area, but it seems like it would be considered yours at this point.

Assumptions in general (case by case, but this is typical)- Rent $ amounts collected from Rentometer - amount based on interior finishes, potential amenities- Vacancy at 5-8%, repairs 5%, 10% cap ex, 10% property management  - are these usually higher in C class areas?

., collecting rents and handling evictions).

He claims he’ll fix the hole but I have a feeling at the last day they’re going to be things I want money for How do you handle it with a situation like thatWhere he’s not going to want to wait for a certified letter and I want to comply with the law. what have you done in the past with a situation like that so he can get his deposit and I can collect for whatever isn’t done. 

You have to distance your current self from whatever it is, a bankruptcy, a foreclosure, 90 day lates, judgements, collections or whatever.  

I've been collecting rent around 5:00-6:00 in the evening from guys that are working night shift. 

We had one like that & we sent the original tenant to collections regardless & they quickly came back with the new tenants information & we proceeded accordingly.

The last tenant will not be collecting the insurance money!

My goal was to buy one to two properties per year for the next 5 to 10 years and then sit back and collect while managing or hiring a property manager to do so.

The pay off in the short term being relatively small compared to fix and flip or a wholesaling strategy, but should pay off in the long run and allow me to continue to collect income without having to be actively involved  on a day to day basis.